Bitcoins

1208 Words5 Pages

Introduction
A digital or virtual currency that uses peer-to-peer technology to facilitate instant payments.
Bitcoin is a type of alternative currency known as a cryptocurrency and it uses cryptography for security, making it difficult to counterfeit.
Bitcoin issuance and transactions are carried out collectively by the network, with no central authority.
The total number of Bitcoins that will be issued is capped at 21 million to ensure they are not devalued by limitless supply.
They are divisible to 8 decimal places; Bitcoin fractions are called satoshis.
Users store their Bitcoins in a digital wallet, while transactions are verified by a digital signature known as a public-encryption key.

It attracts many users because Transaction are anonymous
Bitcoin bank Flexcoin shuts down after it lost bitcoins value
 Vietnam restricts use of bit coin, the government of Vietnam has banned its banks from using bit coins stating that virtual currency is not a legal tender in the communist nation .They also started that the ownership ,trading and use of bit coin carry potential threats for its uses.
 RBI asks people to be cautious about bit coins. The RBI cautioned the people of India regarding certain concerns about bit coin as the virtual money has extremely appreciated and depreciated in the current months. The RBI also stated that regulations come only when people are doing certain business and we come to understand that something wrong has happening.
 For bit coin to be succeeded, it has to embrace the government.
According to a report written by Mr. Joe Noura stated that bit coin is a new form of payment system which is not connected to any currency or government

Significance
In the wake of the global economic crisis, Bitcoins has emerged as an alternative money system, which sidesteps the banks and gives the influence back to the individual. The initiative has a lot of critics as well as supporters, but regardless of whether Bitcoins succeeds as a money system, it has already had a great influence on our future understanding of money.
The sudden rise-and-fall of Bitcoin has made lots

Introduction:
Throughout this
Bitcoin: A History; what is bitcoin?
To start off primarily, Bitcoin is a digital currency as opposed to physical currency that we’re accustomed to and use in our daily life. Straight off their site, Bitcoin is described as a pseudo-anonymous, P2P technology operating with no central authority or banks, it’s open-source, public, owned by no one and open for everybody to take part; but what does that all mean? “Bitcoin is the leader in a new generation of emerging…

Subject – Information Technology in a Global Society
Topic – Bitcoin and remittances in Karnataka
Research Question – To what extent will Bitcoin be a viable alternative to traditional methods of remittance to Karnataka?
Word Count - 2500
India currently has the highest amount of remittances in the world with approximately 70 billion US dollars (The Economic Times, 2014) being sent to India in all of 2013. As India is the highest in terms of receiving remittances, it is the most likely be effected…

The Face Behind Bitcoin
The Newsweek has gone too far by invading Satoshi Nakamoto’s private life without his consent. The reporter goes to the extent of going to confront Nakamoto from his residence in temple city where he decides to involve the police because he never consented on speaking with the reporter. In the letter he accuses Newsweek of printing false reports concerning his life, and this has created a great deal of confusion and stress to him and the family members. He finishes by asking…

the creation of Bitcoin in 2009, cryptocurrencies have gained an increasing amount of media attention. Ever since Bitcoin first began trading, investors as well as miners have proclaimed the positive and negative aspects of the virtual currency, though the fluctuation in price of Bitcoin has been very difficult to determine. This research paper look analyzes some of the issues that must be addressed to ensure the future of Bitcoin.
Introduction
The first form of cyptocurrency, Bitcoins are the first…

Explaining the Bit in Bitcoin
On your way to work, you stop by the gas station to fill your car with gas. When it comes time to pay, instead of pulling out your credit or debit card, you enter your Bitcoin information. What is Bitcoin? Is it just another online payment method like PayPal, or is Bitcoin something more? Googling “Bitcoin” returns a vague answer that defines Bitcoin as a peer-to-peer crypto-currency. This “answer” only raises more questions. The problem with defining crypto-currency…

Bitcoin
Bitcoin is a digital currency that was started in 2009. It is a digital representation of currency with no actual tangible representation. Bitcoin, commonly abbreviated as BTC or XBT, is distributed worldwide, decentralized digital money (also called cryptocurrency). It is decentralized, meaning it is not controlled nor backed up by any government, country, or individual entity. Unlike traditional currencies, such as dollars and euros, bitcoins are issued and managed without any regulation…

Introduction: Can Bitcoin Usher In the Digital Currency Age?
The Bitcoin network was started on January 3, 2009 and the first Bitcoins were issued. Only one year later official exchange rates were set for Bitcoins. Bitcoins as an example of a purely digital currency carry with them both risks, and benefits, but I feel that the risks will be outweighed by the benefits:
• Small Risk of Inflation
• Small Risk of Collapse
• Safe and Cheap Transactions
• Easily Transported
• Virtually Untraceable
This…

Bitcoin Madness
Bitcoins, referred as magic internet money, the new currency of the future; the question is when is it going to become socially acceptable? Created in 2009, the Bitcoin is forcing world governments to react to the phenomenon of digital currency. The Bitcoin, valued today at $480.42, making it the most valued currency around the world by several hundred dollars. If this is true, why does no one invest nor pays attention to the threads of the miracle Bitcoin? Warren E. Buffett, investing…

Bitcoin the Cryptocurrency: Stimulating Global Economic Growth
Bitcoin is a technologically innovative solution for some common economic issues as well as fraud and identify theft. This cryptographic digital currency simultaneously provides users a method to exchange money for free or a nominal fee which is mutually beneficial for retailers and consumers. Bitcoin digital currency is similar to physical cash stored in a digital form. It is the first fully implemented cryptocurrency protocol utilizing…

writing a paper on Bitcoin because this is a very interesting topic and everyone tries to get into it, I will try to make this topic understandable by writing it in laymen’s language. Thanks to Professor Dr. Burnham who has given me this opportunity to write a paper on Bitcoin. According to the name of Bitcoin when we first hear this word “Bitcoin” we create image in our mind that there would be some coin kind of thing but there is no coin it is only a digital currency.
Bitcoin is a peer-to-peer payment…